11:06 AM EST, 11/05/2025 (MT Newswires) -- Amgen's ( AMGN ) new launches and pipeline progress are now under investor focus after the company topped estimates for its Q3 financial results, Morgan Stanley analysts said in a Wednesday note.

Amgen ( AMGN ) reported Q3 non-GAAP net income late Tuesday of $5.64 per diluted share, ahead of FactSet analyst Poll of $5.02. The beat was driven by higher revenues for its Prolia, Tepezza, and biosimilar products, analysts said.

For fiscal 2025, the company raised its adjusted EPS guidance to $20.60 to $21.40 from $20.20 to $21.30. FactSet analysts project $21.06.

Morgan Stanley said that the guidance includes the estimated impact of implemented tariffs. It does not reflect the announced but unimplemented tariffs, nor does it account for any future tariffs or potential pricing actions.

Analysts said that Amgen ( AMGN ) remains excited about the positioning and market opportunity for its MariTide obesity medication. Morgan Stanley model MariTide's unadjusted worldwide 2033 sales of about $6 billion.

Morgan Stanley lowered the price target on the stock to $329 from $333, but retained an equalweight rating.

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